A few words on the Greek restructuring deal, prospects for Greece and euro zone break up

So we've got a deal on the Greek restructuring. Everyone is talking about it. Here's Reuters from last night:

Greece secured an overwhelming acceptance of a bond swap offer to private creditors and beat its own most optimistic forecasts, a senior official said on Thursday after the deadline expired on a deal needed to avoid a chaotic debt default.

A government official, speaking on condition of anonymity, said take-up on the offer was around 95 percent an hour before the offer closed at 2000 GMT with responses still coming in.

This is the biggest sovereign default in history, bigger than Russia or Argentina, so it's a very big deal in that sense. Here are the things to pay attention to:

Deal is to swap for a cash payment of 15% of original face. Investors will then be i...


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